The vibrancy of a city’s core creates the fabric of the community. A safe downtown gathering place provides an ambiance that reverberates throughout the city.
Who decides the definition of “safe”?
It’s a subjective word that may have different meaning to different people. I have my own translation and believe that “safe” is achievable.
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A focus on deal timelines are a necessary evil in our commercial real estate world.
They are the thread that binds conditional lease and sale transactions.
But what happens when issues arise beyond your control that negate those agreed upon timelines?
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Specifically speaking, it depends on where you live on this earth.
Globally there are still approximately 2.7 billion women restricted from doing the same jobs as men.
But that’s not necessarily true in North America, right?
Okay, how about this more relatable fact: only 5 per cent of the Fortune 500 companies have female CEOs.
When we look at the general workforce, approximately 63 per cent of women (aged 25-54) participate in the labour market; that compares to 94 per cent of men in the same age category.
The statistic doesn’t tell us where those 37 per cent of women are or why they aren’t participating but it certainly highlights the imbalance between genders.
So it’s agreed, there is still some work to do.
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We were recently called in to value and market a single tenant property with an existing lease in place. The tenant had been granted an option to renew during their last renewal negotiation.
I informed the owner that we would have been able to achieve a higher price if we were able to go to the market as a vacant property.
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Oh sure, everyone has ideas about how to get a space leased up.
But when is the last time someone made a list about how not to get a space filled?
Wait no more, landlords, I have a list as such for you.
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There are important elements to consider when reviewing a business with the intent to purchase.
Taking the time complete a thorough investigation is critical to discover the hidden facts.
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As I looked into the eyes of a classroom of entrepreneurs last week I wondered what wisdom I could impart.
My first thought was, good on you. You’ve found a passion and you want to share it with the world!
My secondary thought was, awesome, here comes a commercial real estate agent ready to deflate all your hopes and dreams.
I jest.
But I have heard this comment before, so let’s get it out in the open and have a chat about it.
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As reported in our first quarter Saskatoon office survey, we currently have over 400,000 SF or 16.7 per cent vacancy in our Saskatoon downtown competitive office market.
Those numbers do include the vacancy within River Landing’s 185,000 SF East Tower which is nearing completion.
The numbers do not however reflect 40 per cent of the space yet to be leased within the 300,000 SF Nutrien Tower which has just recently started construction.
Once that additional vacancy is accounted for, we will be reporting core area vacancy in excess of 20 per cent.
Saskatoon’s office market is in transition.
The demand for new Class “A” inventory is coming from users already present.
There are not enough new tenants entering the market and the “flight to quality” is projected to continue.
Let’s talk solution.
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It’s easy to see the bad news stories about brick and mortar stores shuttering from the overwhelming move of consumers to e-commerce.
But I don’t think retail will ever die completely.
Rather, there is a disruption to the way we’ve known it to be and commercial real estate landlords will have to navigate their way through this new landscape.
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While both the industrial and office sectors have displayed somewhat volatile vacancy rates over the past five years, the retail sector has consistently performed well.
Aside from Regina straying slightly over 4 per cent in 2017, both cities have otherwise achieved a number below 4 per cent since 2013.
Let’s take a closer look at each city.
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